What’s cooking in the IPO kitchen?
AIM
Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June.
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission.
Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in Early June
Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June.
Main Market Premium Listing
ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets
DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale.
Film Finances—Sky News reports that ‘movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds.’ Expected ‘during the summer’.
AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Prospectus and announcement of the price range due in mid-June 2017.
Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus.
NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June.
Flying Brands (LON:FBDU)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun.
AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property
Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Breakfast buffet
Coal of Africa (LON:CZA) 3.38p £74.79m
The South African Competition Commission has unconditionally approved CoAL's acquisition of 100% of the shares in and claims against Pan African Resources Coal Holdings Proprietary Limited. The Transaction remains subject to certain conditions precedent including amongst others the approval of the Transaction by CoAL shareholders. David Brown, Chief Executive Officer of CoAL, commented: "approval from the Competition Commission represents an important milestone in the process of securing completion of the Transaction. We continue to make positive progress and work towards satisfaction of the outstanding conditions as soon as possible and will provide an update on expected timing of completion following CoAL's upcoming General Meeting".
Helios Underwriting (LON:HUW) 166p £23.44m
Following approval of change of control by Lloyd's of London Helios has agreed to acquire Nottus No 51 Limited, a limited liability member of Lloyd's for a consideration of £964,500 in cash. The 2017 underwriting capacity of Nottus is approximately £669,000 (this compares with Helios's 2017 capacity of £35m prior to this acquisition). Nottus participates in a spread of Lloyd's syndicates that broadly matches the existing portfolio of Helios and this transaction enables Helios to continue to build its participations on the better syndicates at Lloyd's. The consideration represents a discount of 4.0% to the independent valuation of £1.0m placed on Nottus by Humphrey's. We could see no forecasts in the market.
Deltex Medical Group (LON:DEMG) 3.62p £10.69m
AGM Statement from the specialist in oesophageal Doppler monitoring. “US revenues for the five months to end of May increased over 40% compared to the same period in 2016. This growth includes the impact of a £0.1m monitor order in Q1 and foreign exchange tailwinds. We are in the process of redeploying our US field team to best support the platform programme accounts.” The Company's key priority this year is to move the business through the cash break-even point at the operating level. Separately Deltex announced announce the publication of a new trial showing excellent results from using ODM in thoracic surgery. 100 patients. Nine fewer ODM patients (six v 15) suffered post-operative pulmonary complications and ODM patients had a two day shorter stay in hospital (nine v 11 days). Forecasts in the market show FY2017 revs of £6.8m and EBITDA of -£1.4m.
Ambrian (LON:AMBR) 2.38p £6m
First full year of production at the cement plant in Mozambique
· Turnover of US$ 1.05 billion (2015: turnover of US$1.90 billion)
· Gross profit of US$ 1.22 million (2015: gross loss of US$ 4.01 million)
· Loss before interest, tax, depreciation and amortisation ("LBITDA") reduced to US$ 6.04 million (2015: LBITDA of US$ 8.75)
It is anticipated that the metal trading business will have run off all its positions and all staff will have been retrenched by mid-2017. At that point, all metal trading working capital will have been turned to cash. ‘we are of the opinion that a one-asset publicly quoted company is not a long term sustainable value proposition for our stakeholders. Accordingly, we continue to assess a number of strategies, investments and corporate transactions. There are no forecasts in the market.
DX Group (LON:DX) 9.5p £19.05m
‘The Board of DX announces that it has been notified by the City of London Police Economic Crime Directorate of an allegation that has been made against the Company which has resulted in the commencement of a preliminary investigation centred on the DX Exchange operations.
The investigation is at a very early stage. The Board of DX received the details of the allegation on 7 June 2017 and is co-operating fully with the City of London Police.’ Forecasts in the market show year ending 30 Jun 2017 revenues of £294m and EBITDA of £8.9m.
Gresham House Strategic (LON:GHS) 920p £33.93m
FY Mar17 results. GHS invests primarily in UK and European smaller public companies. Strong investment performance with net asset value ("NAV") increasing 7.6% during the year to 31 March 2017, 19.9%1 during the 12 months to 31 May 2017 and 20.2%2 since the appointment of Gresham House Asset Management ("GHAM"). Investment performance has outperformed the FTSE Small-Cap Index since GHAM's appointment with relative low volatility. In line with the policy to return half of realised profits to shareholders, the Board has recommended a maiden dividend of 15p per share and conducted a share buyback in April 2017, equating to circa £0.8m in returns to shareholders
Asiamet Resources (LON:ARS) 4.65p £35.77m
Systematic mapping and channel sampling of outcropping massive sulphide mineralisation was completed mid-April at the BKZ prospect in Central Kalimantan, Indonesia. BKZ is located 800m north of Asiamet's core BKM Copper Project where bankable feasibility studies are well advanced. Results received to date show the potential for a stand alone polymetallic deposit at BKZ. Highlights from this recent work include a continuous 15m rock channel sample collected in the southern part of the BKZ prospect averaged 19.5% Zinc, 8.1% Lead, 121g/t Silver, 0.69g/t Gold and 0.50% Copper
Ukrproduct Group (LON:UKR) 3.26p £1.29m
One of the leading Ukrainian producers and distributors of branded dairy foods and beverages (kvass) announces that it has reached agreement with OTP Bank for the deferral of the principal loan repayment of Ukrainian Hyrvnia (UAH) 32.3 million (c. £0.95 m) due 9 June 2017 initially until 23 June 2017 by which time it is expected that negotiations in relation to a new loan agreement will have been completed. The Company has also obtained waivers from EBRD in respect of debt ratio covenant breaches in the amended and restated EBRD loan agreement announced on 30 June 2016 in respect of the periods ended 31 December 2016 and 31 March 2017.